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maybe many people are taking loans online or offline for various urgent reasons, but keep in mind that the habit of making loans will only get you entangled with what is called eternal debt and the possibility of getting addicted to making loans online or offline

I live in a city where the rate of people making loans is quite high until yesterday I heard of a neighbor who was fighting with a debt collector because he was unable to pay but the debt collector belittled the borrower who was unable to pay

- 23-yr old techie dies by suicide due to alleged harassment by online loan recovery agents (https://www.businesstoday.in/latest/economy/story/23-yr-old-techie-dies-by-suicide-due-to-alleged-harassment-by-online-loan-recovery-agents-348979-2022-10-04)

There have been many articles written about the bad effects of making online or offline loans what happened in my country that have high interest;
- In Indonesia, ‘pay later’ services leave some drowning in debt (https://www.aljazeera.com/economy/2022/6/28/for-indonesias-poor-pay-later-services-exact-heavy-price)
- Under presidential order, Indonesia is at war with online loan sharks (https://kr-asia.com/under-presidential-order-indonesia-is-at-war-with-online-loan-sharks)

in several articles, there are other options that can be done to avoid what are called online or offline loans that have high interest,
- 8 Ways to Help Family Members in Financial Trouble (https://www.investopedia.com/articles/pf/09/help-family-members-trouble.asp)
- How To Get Out of Debt (https://consumer.ftc.gov/articles/how-get-out-debt)

you can try to do that from now on before it's too late

Try as much as possible to avoid loans most especially personal loans unless the interest is at 0%, which is impossible to get to this day.

So at that to become financially stable, try as much as possible to avoid taking loans, loans also have their implications and for that, anyone getting involved in loans is also getting into indebtedness.

Just like money in general Debt is not always a bad thing, it only become bad if you are not using it properly. You are taking news from Indonesia and the people mentioned in those news were taking loan from Illegal finance service company. People preferred illegal loan because it lacks background check, but behind those easy loan the interest is brutal.

In my opinion the correct to take a loan, is to deposit money regularly every months into back account, then applied for credit card, there are a lot of credit card that offer 0% interest, just small service fee and processing fee. If someone doesn't even have money to be deposited in the bank, then I don't think they should buy anything the can't afford.

Debt is something that should not be done unless there is a definite source of income to be able to cover the debt. However, it should be noted that debt is something "ordinary", it is not good if the debtor has no income and is not responsible for his debt.

For people who have loans to illegal loan sources, I have neighbors who are in debt of up to $ 20,000 from illegal online loans. This illegal online loan has very high interest, up to 30% in 1 week. This is illogical and is a fraudulent act committed by a lender so that the debtor cannot pay off his debt.

I think the most important thing is to adjust income with the amount of debt you have, so there is a balance and maybe not bad.

Taking a loan is a double edged sword. It can help you at times you're in dire need but also will also put you into the deepest hole where you will not be able to get out of it. While I do agree that some of these online loan sharks attitude and approach towards their borrowers aren't right. But these borrowers won't get to experience that if they're not going to take any loan from them. Well, it's inevitable and every person is likely to have a source of their loan whether it's with these online apps or someone they know personally or with the banks. As much as possible, don't take a loan that you can't afford to pay. These services are where they're earning through high interest rates. Businessmen know how to maximize the usage of their loans and they're putting a good debt to themselves thus, the vice versa of those that can't.

This has been happening for years.

Go to the grocery store, they harass you to get a credit card.
Go to a department store like Sears (when it was still around) they harass you to get a Sears card
Go to buy a car, you can’t pay cash, you need to finance a brand new car

Everything is built and supported by debt these days. And these interest rates are really going to hurt a lot of people when it unravels.

Loans in general are always something you should avoid if possible really. Anything that matters after that is simply because of your inability to pay it. Now I know it is pitiful in some scenarios, but that's just how it is. If there was a group that would support those in debt then great, if not then they can only try to accommodate for their debt by doing everything they can. In the first place, a debt is something you take if you know you can pay for it, if you can't then you 100% need to find an alternative, one where you can pay it off comfortably either by giving your service or something.

While we can't exactly avoid loans sometimes, we can take measures to avoid burdening ourselves with it. It may be hard, but really, look at the bigger picture. You're mostly arguing with humans in the end, I reckon you can buy time to look at what you really need to look at most of the time.

In general, debt addiction goes with our times, with the culture of immediacy and "buy now and pay later".

I would say that the best remedy is financial education in general and in general finance in particular, but someone who is already addicted to debt has to hit rock bottom before willingly starting a personal finance plan.

Controlling expenses and income, budgeting, saving for an emergency fund, reducing debt and investing are steps that eventually take one from a stressful financial situation to financial peace.

I understand how difficult it can be to be in that situation, but recognizing and taking the risks in the first place to stay sane out of debt is a complicated story. As was the case with myself before, I was forced to mortgage my property to have money to continue spending and orienting my next work, I also thought if I failed, becoming a homeless or beggars is what happens, so it gives me a lot of motivation to try and avoid making mistakes. The abuse of credits to spend for immediate personal purposes is like wearing a chain around your neck, it forces you to make efforts rather than accept the bumps in life, there are many cases like OP mentioned suicide to solve the problem, but before thinking about that think about the life of the people around you, they don't want you to end up like this, keep solving your own problems do not have to create more silence for those around.

To be honest, I have also tried to borrow since the crisis in the country, whether offline or online. So what happened to me was that I was drowning in debt because I didn't have a job, it increased even more until I found something to earn, and I gradually paid it off with the help of my online friends, and I was able to avoid borrowing again. So for those who are planning to take out a loan, you will always think that it will be hard to work and then you will have to pay back the earnings. If what you are going to borrow is for an emergency, why not, but if it is only for personal luxury, it is better not to pursue it further. Many problems are caused by debt, that's what we remember. It hurts us forever if we can't avoid it.

Do not complain about those who want to repay their debt. All responsibility lies with the borrower, and he must always understand where he will need to repay the debt and where to take interest. It is necessary to educate children from childhood so that they understand that borrowing means becoming a slave to the borrower. You need to be able to live on the means that you have and not run ahead of the locomotive if there is no money. Subdue your desires. And if there is a reason to take a loan, then it can be compared with a life problem only in this way.

I'm not sure people are in the habit of reading the rules before starting a loan, but we all need to accept the rule from the start and have to do it. But in my opinion, we need to review our personal finances and make sure that you are able to pay off your debt without causing financial hardship. If you're having trouble paying your loan, contact your bank or service provider directly to discuss options for assistance or loan rescheduling. And adjust your daily budget and define reasonable spending goals. Find ways to cut unnecessary expenses and look for ways to save money. It's easy these days to get a loan, but it's also really difficult because limited work makes it difficult for us to get out of debt quickly, so it's not an exaggeration to say that we are slaves of the community money.

The best way to handle loans is to do everything possible to avoid it. Accessing loans now is becoming very easy because of technology and people are becoming deeply indebted. Most of the time these loan companies don't expose or tell lenders how the loan will be repaid. The debtor will later find out that there are other hidden charges or interests. Some of these debtors are illiterates and don't have a full understanding of the terms and conditions of the loans. Some of them are exploited by these lending firms until they become frustrated.

I will always advise that except if the loan is needed for business or emergency, there is no need to take them. Taking loans to satisfy avoidable expenses is not ideal. We should learn to live within our income and seek other means of income to cushion the effect of inflation and other economic problems.

I do hope people find a way to pay off their debt someway over the other. Making sure that they are going through the necessary action in order for them to pay what they owe to someone. It's all about discipline and how they are going to make it work.

Eternal debt occurs if you pay a debt with another debt. It's going to be that endless circle that nobody should be in. If you have that kind of situation, you need to read the link posted by OP.

It's really a problem once lives are involved. It's hard to control, but it's better to support someone rather than allow them to do that to themselves.

Try to avoid unnecessary loans if you don't have any good use for it.

Taking loan is not entirely forbidden because all fingers are not equal and not everybody will have everything but the problem arises when it comes to management. You can not prosper when you take loan to misuse and squander it unnecessarily but taking laon and channel it to a proper way will actually help you and change your financial life.
 
It is advisable to stay away from loan if you can thou but if you can not absolutely stay away due to your means of income, then use it properly when you take one and do good to repay back at agreed time between you and your lender.

Loans aren't bad, they can be very helpful when you're in tight corners but we should try o avoid taking loans because it can be as addictive as gambling. When you have an easy way out you won't put effort into what you're doing since you have a backup plan which is indebting yourself. Loans should only be taken when you know you want to invest the loan money into your business that'll generate profits to pay back the loans.

It doesn't matter where you're taking the loan, could be offline or online they still have the same effects. Also when talking loan if there's no other options available to you always take loans that are payable to avoid getting humiliated as you neighbor was humiliated.

The problem I believe is not that people badly need money so that they're forced to take a loan. The problem is that many people have so much wants, and the thought of having money is really attractive to them because they can then buy their wants with it.

This is at least what I can observe among many people here in my country. In short, this is just a matter of financial education, or lack thereof. A lot of people, at least here in my country, are so financially irresponsible that much of their money goes to wants rather than needs. They don't have a proper sense of priority.

Even among a lot of people I personally know, they are easily attracted to loans. And it's not because they will use the money to invest or start a business or pay something important; it's simply because they can buy the phone they want or a pair of sneakers or they can travel.

This war is related to unregistered and scammy lenders, not necessarily to make online/P2P lending disappear completely afaik. At the very least, the goal is likely to make the infrastructure more mature so they can regulate online lending properly and stop scammers to collect users data illegally. The eradication of lending with very high interest should be one of its goals too. Not sure when it will happen though, since I get more lending offers lately from obscure platforms that I've never heard before.

You are talking about online loans which in fact are not legal in Indonesia, namely not registered with the Financial Services Authority (OJK) so there is no income for the state. Thus causing huge losses, including companies registered with the authorities themselves experiencing a negative impact. Then the community's mistake was to take advantage of loans for bad purposes, namely from the start they sold their personal data and had no intention of paying it off. This is normal and I have seen it in my neighborhood backed up by the statements of many people who do this just to take their money and don't care about the payment system. However, if the loan process is from a company affiliated with the Financial Services Authority, they don't dare to run away and the personal data that has been deposited becomes a reference for the Bank when at any time the person makes a loan. , applying for work automatically the system will reject it because there is a negative track record. from not paying debts.

Debt is actually not always bad for our finances, as long as we know how to owe it properly. Debt according to our ability can motivate work, don't go into debt to buy unnecessary things. And one more thing, maybe it's important to try if you really owe a loan to a legal company, because illegal ones usually have high interest.

because for me debt is not a loss if we can really be productive with our debt. we can pay monthly installments and we can make ends meet for our daily needs. I myself have cash but I also have debt for shop capital. Because I believe everyone who does business must have debt. They are in debt for something that is productive or productive and profitable, but with careful calculations too, not haphazardly. so if you intend to go into debt for business or business, you have to really calculate the details. Well.. even if you have a good plan, you can miscalculate or fail, especially without calculations?

So what you're going to say? you're contradict yourself as you said debt is good as long as you can calculate it, but then you said there's a chance of miscalculate or fail lol.

Shop or business don't need to have a debt because you can grow your business in slowly, no need to take a debt and force to expand your business. Debt is necessary when the business don't have money to pay the monthly or yearly expense e.g. employee's payroll, unpaid tex etc.

Yep, there are actually a lot of different risks of us overusing it, like security issues when making online transactions, your personal and financial information can be stolen or hack. It is important to only share information with trusted websites and services and to ensure that you use a secure connection. As well as some online loans have higher interest rates than traditional forms of loans. This can increase your financial burden and can lead to debt problems if you can't pay it back on time.

When conducting online transactions, you must share your personal and financial information. However, uncovering this information could make you a target for scams or identity crimes. And borrowing money online easily leads to the use of bonds and financial power. If you don't manage your finances carefully, you could fall into debt and have trouble paying back the loan.

I think maybe they're not just created to cause problems for us, it's just how we use them, it's clear that even in a tough economy we will also have problems but opportunities to help overcoming difficulties should be considered, not made the situation worse.

Regarding the problem of online and offline loans, of course, it has become everyone's habit to meet their daily needs and some people have indeed been forced to do this, and they become difficult to cover installments every month and many things happen that we do not want, so this problem is indeed difficult for us to overcome, but for those of us who are not pressed to meet daily needs, it would be nice to keep borrowing online and offline because Without a stable income, we will find it difficult to pay the loan installments.

The number of people who take loans these days is becoming higher because of how difficult the economy has become and made some people salary useless and not enough for what they need. Loans are now been seen as a way out of tough financial situation, when it is not really but just a temporary solution that buys you more time. So when I see people that take loans and get relaxed, I always wonder how they can feel so relaxed while in debt. Also the number of companies that loan money to people are increasing, so more people even young ones have the access to take loans even for irrelevant things. Know how you will pay back any loan before you try to collect it.

I think if you're using online loans which could be problematic in the future since if you can't really pay them at time they will increase some interest right? But if you don't really pay them at all you would be red tagged and couldn't even use any transactions for their company. It might be a bad background that maybe the reason you can't loan anymore at all. When it comes to physical it's just about the embarassment if you can't pay the person at all if that's your friend at case. But if it's some registered company they would literally go to your house everyday keeps reminding you or else they would come back with polices.

Most people who taking out loans aren't because they have urgent needs, but they're need to fulfill their lifestyle.

These young generations want to impress everyone if they're successful, rich, happy etc which is like a dream life. I could forgive them if they did that for personal branding where they're gambling in order to attract a big company to ask them become brand ambassadors. But there are people who don't have any purpose expect just want to make people jealous and become arrogant.

Actually, taking a loan isn't a bad thing unless you know how to manage your debt and finances, and where you use your loans. If you have a great credit history, you can take advantage of that. Look at those business men and rich people, they are also full of loans yet they still manage to be rich and pay their credits on time.

But a lot of people don't know how to properly take care of their credit and would just use their loan on things that won't bring them profit. Here in my country, there's a lot of online platforms that allows you to take a loan on a very simple way. It gives people more desire to take a loan even if they don't need it because it's fast and they don't require a lot of requirements. However, when you don't pay them on time, they will start to call your family's number and will threaten you if you don't pay them.

Credit is powerful. It will either benefit you or will make you struggle in life. You have a choice, and it depends on how you'll going to use your loans.

In recent years the online and offline loan provider services have increased alot. In my country government have been spreading awareness not to be the victims of such loan services. These loan providers even give life threats to the borrowers when they weren't able to repay it. So, it is good not to consider these kind of loans even when you're in emergency need of money.

As in the opening post, going with similar loans will make us get used to it. So, our mind gets prepared to take loan for each and everything.

Easily getting a loan can sometimes be a very bad thing for the economy, I understand the story that many people overuse and don't really use it effectively it leads to debt and not being able to pay it back amount of money. So the problem that I realized when I accepted a loan, it was also necessary to develop a plan to earn that money back, to be more responsible for every single thing you do. There are a lot of mistakes in life and traps set out for us to fall into, be more vigilant and always try to focus on the positive in life so as not to get caught up in troublesome situations.

I tend to avoid loans whenever I can. People say that you should still do loans whenever you can since it would improve your credit score if you're a good payer, kinda reputation to whoever you loan from. :D

I did loan back in the days, and meh it was just another like a liability for me. I would just prefer having nothing to worry about whenever I earn. In crypto, I never go loans whenever I buy Bitcoin. Went broke back around 2018 and just didn't bother to loan just to hodl Bitcoin. It's just not worth the headache for me although I know I would earn something  from it.

Depends on how you would handle your debt. Unexpected stuffs may happen during the lifespan of your loan, but surely communication would be your best tool at that time.

I knew a lot on my neighborhood that gets loan a lot for their living while while their salary is already not sufficient to repay all their existing loan. They sometimes get extra loan just to pay their existing loan that already have too much interest. This makes this people entangled to eternal debt not because they are addicted but because there's no way out of this mssive loan debts.

Some loan shark abuse this weakness of people and feed on the poor salary with their high ineterest rate loan. I think there's really no solution to this aside from government stepping up and ban all this kind of loans that charge unreasonable interest to people that is financially struggling.

Loans can have negative and positive impacts on borrowers. I agree with this idea for one thing, loans can disrupt your financial plans in the long term. There are many cases where borrowers find it difficult to repay their loans, even if they initially had a stable income before applying for the loan.

Your financial condition can change at any time, and we never know when the wheels will turn. If at that time you experience it, then of course you will find it difficult to pay off the loan. I remember very well how the pandemic caused many borrowers to have problems, loans default, and after that borrowers had to pay a lot of interest due to arrears.

I do not understand why a person makes his financial situation so bad that he sinks into a spiral of debt that he will not get out of soon, and the worst thing about that is getting used to your life being dependent on paying those debts. Whenever you pay debts, your debts increase. I could write thousands of lines about the seriousness of debt, but you will find that the default rate is still very high. It is a combination of a social, educational problem and personal behavior, so the more your financial knowledge is good and you stay away from solving your problems in the easy way (debt), the better.

Why do you think they collect so much data on you before giving out the loan? Is it really necessary from your point of view? Or there is some hidden agenda of those giving out loans? Of course, they benefit from this. It's a scheme that they plan with your personal data. They plan such debt and interest in which you will always suffer to pay back the loan. If you are paying back easily, they will come up with some new offers that you will think that is quite reasonable. The moment you take that offer, you are now in their game. Which you have no control over. This is how they make you addicted to taking more loans.
It is always best to stay away from loans if not it's an extreme situation. Also making a budget for loan repayment will also help. But the best option is to always try to avoid loans.

I really liked the post and i stand with your point of taking less debt even if i had taken the loan too but i have some reasons otherwise I rarely take a loan with interest no way. But if the emergencies and situations are not in your favor then you have to cross the line sometime. I didn't think this issue would become this much severe that people could do suicide.

Now I fear the companies providing loans in my country which in my sight are just looting people by giving them offers which seems good offer for a newbie but in reality, they are not. they are just scamming people with their good-looking offer
The only way to take an interest-free loan is to get it from relatives and friends but when they do not assist you, then you have to look for ways which do not like like taking a loan with interest. The debit card and credit card systems had made people so dependable on the loan system that they always take loans and never hesitate to pay interest because in their thoughts the interest is low but in the end, they end up with too many loans that they become unable to pay later.

Firstly, taking a loan is not a bad thing, depending on the purpose of the loan and your plans on how to pay it back. For example, take a loan of $2000 to solve some issues while you are Just earning $80 monthly, I don't think it's very wise to take a huge loan that you cannot pay within one or two months, because if you take a huge loan to solve a particular problem, it doesn't mean that more problems or more needs will not arise, and sometimes even before you pay your already owed loan, you might likely take another loan. People can get loans, but they should be in line with the salary they are receiving and the amount they know they can repay easily.


Cheers 🥂, Dr.Bitcoin_Strange 👺👺

I don't understand why a lot of people are okay with borrowing on online apps that imposes an exorbitant interest rate on their loans. I'm pretty sure people will be given a chance to read the terms and conditions of a loan before signing on anything to finalize the deal. Plus, their availability and ease of access are what usually people state why they need to get a loan somehow for their own budget. it only takes a few minutes to read terms and decide whether or not the interest rates are worth the amount that we'll have to pay back for the loan

I am surprised that there are services that offer interest-based loans in an Islamic country such as Indonesia. In any case, personally, I do not like a loan with or without interest. I find the disadvantages of a loan much more than its benefits.

Loans that have compound interest can cause the borrower to sell his valuables or even commit suicide in some cases, such as the case of the young man you mentioned when unable to pay.

Therefore, I support the government pursuing these services and imposing more strict restrictions on them and closing unlicensed offices, whether online or offline, because they cause a lot of harm to people.

i have experience that has helped me a lot about an online loan, a few years ago i was really helped with an online loan ^{(helping the small business that I started until now)}, at that time i had no other place to get fresh money quickly, luckily someone my friend recommended an online loan platform even though the interest was quite high at that time, i made an application for the loan and slowly i paid in installments every month.

from the story that i told above, i am "neutral" towards all forms of loans, sometimes there is one time when you really need it and have no other way but to do the loan, but it is important to remember that to be wiser in managing your finances, don't When we experience financial difficulties, we just regret that we never studied financial management.

Here in our country, there are a lot of unregulated online loan applications that are being advertised on social media but big syndicates are all behind this, they charge very high interest as high as 20% and they will threaten you with bodily harm and they will send messages to your contact and ruin your reputation, so many victims are now reporting these online companies to authorities because they caused a lot of depression and anxiety to people.

It's good that the authorities are now cracking the illegal operation of these online lending companies. When you are a minimum wage earner here in our country, it's hard to cope with inflation so people are turning to online loans, whenever they have an urgent need of money.

Life is very hard if you have a big family to feed and your salary cannot keep up supporting but taking a loan is very risky, if you have no way to pay it and will just hope that you can find other ways to pay the loan, taking a loan to keep up with a budget is very risky it will lead to depression and anxiety you just have to fit your salary to your budget or get an extra job and avoid unnecessary expenses.

Loan collection is sweet and interesting when you are going through the process and also when you have the money in your hand. If care is not taken and one is being used to that way of life it's going to get to a stage when there will be failure to pay back and this will bring shame to such individual. Some situations in life may be demanding a loan and you need to just go for it but if not manage the little you have.

making loans online or offline can sometimes be very helpful when in an emergency and very urgent, but it also has a high risk associated with the interest that will be paid later.
it's true that sometimes someone is forced to borrow not because they are addicted but because they really have no way out to survive at that time especially someone who doesn't have a job or has a very low income.
some people are lucky if they have spare cash to survive and can avoid borrowing but not everyone has enough money just to survive because of the high cost of living and low income.

in my opinion, the solution to this is not only prohibiting loans with high interest rates, but the government must also be able to massively and purposefully create new jobs to accommodate people who can't afford it.

Though I do take online loans at times, most especially from this forum, but I must agree that loans are one of the ways a person can get stagnated from moving forward financially, taking a loan is always sweet at the time the loan is taken, but when it's time to repay, it takes a committed and a well disciplined heart to keep to the time when you promised to repay the loan..

But to be sincere, loans are helpful, most especially when faces with challenges that need urgent attention at a time when one of broke, the secret is never to over borrow, and before borrowing, make sure to have a repayment plan in place..

Doesnt matter if you are involved with online or offline debt on which it would really be still completely a debt because you would really be needing on paying up an interest which we know that these

companies or loan sharks do get that high monthly interest rates.Just like for example on some lending or loan app here in our country on which they do give out that good credit limit but they've been really that charging 14-16% interest per month which is absurdly high but due to some people who are really that in need then they would really be taking up those steps for them to get those loans
despite of high interest. This is why as much as possible it would be better not to take up those loans with high interest no matter how much you do need up some emergency funds.

You would definitely be finding yourself into a big trouble if you do keep on re-rolling these loans to pay up one another on which you would be finding yourself get drowned with those
high interest. This is where you would realized on how important savings is.

The fact of the matter is, loans exist and people take loans because of their apparent incapability to find the spending power they need for what they need to acquire, no person that’s sane in the head’s gonna take out loans willy-nilly just because he wants to. It all books down to the need, and the lack of power to fill that need which leads to people taking out loans.

Add to this the fact that most of these loan apps and services are downright exploitative, in the Philippines alone, a senior citizen who took out a loan and was unable to pay due to circumstances was threatened by the loan app she took the debt with by sending her a coffin, as if to say that they’ll kill her if she doesn’t pay. From that notion alone you’re going to realize that be it debt pr what, the fault lies not to the person who took the loan but to the circumstances that lead him to that moment.

loans are helpful when you have urgent needs. but as much as possible look for other options before using this option. maybe you have old things that you can sell and it might be useful for others, look for part-time jobs that can augment your income, be frugal with your lifestyle. think twice also why you are taking a loan, is it really necessary or just because you wanted to buy something?

This all depends on what you want to use the loan you acquire for. There are people who take loans for good reasons, and the loan is one of the only means they could possibly use to settle their present needs. When I come across such people, I don't see anything wrong with what they do.
Not all loans should be regarded as bad things.
 
There are times when we have pressing issues that, if not immediately resolved, could lead to something else. What would you advise anyone in such a position to do when they have the means of acquiring a loan and the means of repayment are also available? If someone takes out a loan for a good reason and has a good habit of paying it back, I don't see anything wrong with that. The only place I see loans as a bad thing is when we take them without even having a payback plan and spend them on our wants instead of needs, which could be considered unnecessary spending. People who engage themselves in such a kind of loan would likely be indebted forever, for they will keep on looking for means to acquire more loans in order to sponsor their unplanned lives.

I think there needs to be some sort of law regarding recovery agents. I am not saying that people should be able to take out a loan and then bank just says "oh you are not paying back? that's ok", of course its not ok to not pay the loan back, of course you should, not just should, you MUST, and I understand that. But recovery agents calling every day 13 times is not going to make you want to pay it back, its not like people are not paying it back because they don't want to, they just can't and that's the main reason. So calling them 13 times a day will not magically make them have money suddenly, if they can't, you can call once every minute and they still can't, its not changing. So there needs to be something else, like maybe even sue them and take them to court but not call them 13 times a day. Its not the "roughness" I am complaining about, be even more rough and jail them if you must, that's not the point, of course not jail them but what I mean is calling doesn't solve anything for either side, find one that actually solves something.

I do take this as a last resort if there's no other way for me to provide money specially on emergency needs because i dont really like on having on paying those interest which is really
that higher than with those traditional banks been giving which is only 0.8-2.5% per month unlike with these loan firms or companies which do charge even more.
Just like on what others been saying that it doesnt really matter if you are taking a loan as long you do able to repay those loans back in time but come or bare in mind that if you do
tend to look and calculate the money you've been spending on those interest then you would really that able to realize that you are really that making those loan owners or lendors to be
that extremely rich.Well, this is how business works and they could set out interest as much as they like and its up to someone whether they would really be diving with that or not.

What I really noticed with online loans is that those collectors are really forcing or scaring the borrower. I have heard on the news that one borrower said that the collector sent a death flower so that the borrower would be scared and pay the loan. Online loans are very strict and keep bugging you when you can't pay within a day, but still, both loans are the same if you can't pay, which really leads to others committing suicide.

We need to wonder why there are so many businesses which are offering loans to anyone for any reason? And the reason for this is that a dollar invested in consumer loans returns greater profits than a dollar invested in a business or a factory which produces things.

So it is important to avoid the temptation to get a loan and pay for what we need with cash or at worst with a debit card, as the issue you are bringing here is very common all over the world and if anything it is bound to get even more common.

Although online loan has higher fee, but there's a loophole if someone is dare and don't mind become a bad person. You can use photoshopped id card and photoshopped selfie holding id card, this two requirements is already enough. Then fill the form with fake information and submit unverified digital wallet to receive the money.

It's true you're broke the site's terms, but if the site is unregulated and not licensed, you have nothing to lose since they're operated illegally.

Yes, when we are in trouble, and there is no solution, it is very helpful to get a loan but make sure always to have a plan to repay the loan on time. But do not let borrowing money become a habit, in the long run, it will not be good for our lives.

In my opinion, stay away from borrowing money if possible because borrowing money will sometimes make us fall into a deadlock from which we can't get out. Always work hard and always have savings for emergencies if you want to live a comfortable life.

Making loans online or offline is not the right solution if you still can't use the money according to the needs you want to use. Many people borrow money for business or urgent needs but don't think about how they will repay the loan and instead cause problems for them.

Stories about customers fighting with debt collectors are common and they are a bit of a risk that customers have to face. What must be considered is the interest that must be returned to the lender and the money borrowed and the interest can be very large if the customer cannot pay the debt.

Before you decide to borrow, you should first calculate how much you need and how much you have to pay, then you have to check how much you can pay each month. This is to avoid paying difficulties in the next month and avoid paying arrears.

Yes it is impossible. Government will not even give you zero percent loan. They can extend the time for repayment which impact of repayment will not be a burden to the borrower. They may give grants like agricultural research grant and others, grants don't come with interest or collateral because it is government approved program to help the people in their different business but they can monitor the progress of the grant given.


The challenge with loan is that as soon as the deal is signed, the days starts counting but loan collectors don't begin to plan on how to repay as it started counting until the date for repayment approach. I don't think there is much that is wrong with collecting loan especially when it is used for capital projects like buying of fixed properties like land and building of house. If you pick a loan to build a home, hostel or other structure that will be put out for lease then at the expiration of the loan date you can lease the place and starts to repay and finally the place will automatically return to you as your asset. Many rich people collect loan from banks to execute projects and they reach agreement with the bank on how long lease they will collect from the project.

So It all depends on the purpose that the loan was collected.

Carrying out loans, whether online or offline, on an ongoing basis can have a negative impact on your financial well being. Taking out loans repeatedly can lead to a cycle of debt, makit it difficult to get out of the financial hole. This can lead to a decrease in credit scores, which can make it harder to obtain loans in the future. Taking out loans on an ongoing basis can lead to high interest rates, which can accumulate over time and increase the amount of money owed. This can lead to a situation where the borrower owes more than they can afford to pay back, leading to late payments and further damage to credit scores. Carrying out loans on ongoing basis can put a strain on personal relationships as individuals who borrow money from family and friends may find themselves in a position where they cannot pay back loan.

Taking a loan is not a bad idea, but it all depends on the reason you are willing to take the loan and the repayment patten. Some persons will want to execute a very huge project and there is no present resources to execute such a project. They will simply walk into the bank and get a loan to execute such project knowing so well that same project will bring some dividends to repay the loan.

While some people will just borrow for fashion purpose. Some will borrow to satisfy their gluttony. If one continues to borrow for every purpose which worth it and doesn't worth it, in the end, thy will be addicted to borrowing.

I also live in a city where taking of loans by youths have become prevalent and still many new loan apps keep coming to offer the same service. Many of the victims of such loans are mostly termed with grievous criminal offenses when they can’t get their loans from them back. The loan apps message their loved ones and those they use as guarantor online to accuse them of such criminal acts. It is very disheartening to see a friend or family members picture flaunting online and in the street that they’ve committed an offense which they didn’t all because of the loan they took. This is a shameful act to be honest.


I hope those that are victims of this will find time out to go through this articles and those who are also planning to engage in such act. It will really help them and save them a lot of disgrace in the future if they cant get to pay back in future after taking the loan.


Personal loans still exist but only Islamic financial institutions give out such loans. According to Islamic religion, collecting of profit after lending out money is highly prohibited and termed unlawful and punishable offense by Allah. I don’t know how easy to get loans from such institutions, but I don’t think it’ll be that easy to get without putting many regulations on it.

There's nothing bad in getting a loan either on or offline and 95% of most of the millionaires with billionaires we see today request loans for most of their investments in other to invade tasks but they always invest the loan into assets or earning opportunities.
Meanwhile, most ordinal people don't understand the part of that. What is important is the purpose of the loan because we have some people who get loans just to buy something that won't fetch them money or that won't generate an earning opportunity for them.

I guess this is right.. I'm actually a typical example of bad effect when it comes to loan. For the past months I have been trying to foot my bills and pay off some outstanding loans which I owe and I acquired this loan with plan of paying back when I got paid in my ongoing job back then, but unfortunate for me the job did not end as expected and as such I could no be able to gather up the total sum which I could have used to pay of those loans. It's barely a month since I repaid that loan fully, I know the kind of effect it was on me, it was as if I was not earning anything from my side hustle because every single earning I from any job I handle all I could think of is how to repay that laon and keep a little for my upkeep which was really not enough.
Right now if what I need money for is not that important, I will not try taking a loan again because owing some debt looks like am now in slaved by the person because I can't be free with the person anytime I come across him/her knowing that I still owe them debt.

That kind of thing is sweet at first even though it's someone else's money, but it's true as you said that good care or arrangement is needed in this case so that someone can pay it in a timely manner. However, a small number of people forget this so that they will eventually experience difficulties in their lives, even though the initial plan to take a loan was to make their life better by having capital to do business.

But after having capital through loans, a small number of them forget to manage it properly so they can get rid of the difficulties in their life. This is why not all people who borrow can be trusted because they themselves cannot maintain the trust that has been given through loans, even though it is a form of compassion for others so that they can become independent individuals without having to borrow every time.

You are talking about loans provided by apps which are not regulated by central banks so they collect high interest rate, processing fee, closure fee, misc fee, late payment charges, etc which is why if someone took a loan of $1000 has to pay atleast double the amount if they miss the tenure. Acquiring loan is bad habit but if you really need then acquire it from banks or non banking financial institutions which are completely under the regulations of central banks.

I understand that it is a personal matter, but it is necessary to remind me to be responsible for each of my actions.
Like we say a child is not aware of the use of cutlery yet, and they need to understand what it is for and the dangers of misusing them which can injure themselves.
There are many tools in life, like in this environment we talk about easy loans, that also have different perspectives, and the main problem comes from whether we understand it or not, or just use instinctively.

Yeah most of the news given here are horrifying and I have also posted one of it in detailed long back ago. The guy literally blew everything that his parents had earned including the pensions saving. Man that was hurtful to see really how people has gone wild in terms of investing money in the crypto currency. It’s really bad idea actually when it comes to buying your crypto with loans. You can’t really buy highly unstable assets with high interest loans with fixed repayment terms and interest on them. Proper should understand the basic math when it comes to investing their money. The only way you can make money from your loan is to invest it into buying something stable and progressional assets for example Real estates etc. I hope everyone keeps it real when making crypto based investment. :)

Yes. i like this point. at least there is an additional scientific description and a solution for how to get out of the problem which might be special to me but, for others this might still be considered general. Yes. very necessary so that we can get out of the same problem point. especially now that it needs a special strategy to handle it properly and wisely. Thanks Op. Good article.

Those online loan sharks are pretty dangerous and people really need to stay away from them. In my country, these online loan services provide loans to people who are in need of money by advertising their services all around pretending they are doing a great thing and they don't ask for a lot of money, but the reality is different, they have very high-interest rates that keep increasing with a significant pace if you get late for the repayment.

Basically, one should avoid any kind of loan unless they are 100% sure that they can repay it on time, because if you can't repay the loan, you will be compelled to take another loan to pay the first one, and that series continues and you might end up getting in great trouble that you might not be able to come out from.

Initially, many people liked loans with an easy disbursement process, but gradually many people realized that it was difficult to pay, I used to be like that and I was in a lot of debt because I only wanted to cover one debt.
It is undeniable that the impact of interest-bearing loans is enormous and can even require a person's mental health.

if you have ever taken a loan it is difficult to avoid it when there is an urgent need in the future, unless someone has prepared a reserve money to be able to solve all problems without the need to seek another loan.

The worst part is that even if you take the loan with your family's approval, when the time comes for you to pay them back with the high interest that you refuse, they will still force you to. This is not just a problem in your country; it also occurs in mine. Most people will take this online loan just so they can enjoy themselves at that moment even though they know they won't be able to pay it back when the time comes. If we are aware of how dire our condition is, we shouldn't take out any loans, that when the time comes, we won't be able to pay back, to make things even worse than it is already.

It's based individual's decision take a loan for what needs? Loans are not always viewed negatively when someone takes them for more productive needs. It's just that the trend to take loans to fulfill lifestyles has developed so much now and they no longer think about taking out loans to support the business or business they are running. The type of loan only we can judge about a need for what and if taking loans for things that are not productive then of course that is a big mistake.

There are dozens or hundreds of loan default cases across the country and some have ended worse than just a fight. Nowadays loans are so easy to get and the conditions are not so difficult that it makes many people take alternatives when they have financial difficulties by taking loans. More precisely, if someone is unable to be responsible for the loan they are taking, it is better to stay away from the loan and not be forced to take it.

I'm against loan myself but some people just can't survive without it, I have a friend who start a business using a loan and also complete his new house using a loan, it's been helpful for his journey so far but I wonder what his state of mind will be, I always find myself worrying too much when I am in any form of debt, I don't like it and it always take my sleep away, I wonder how those who are used to loans are able to sleep in the nights.

The creepy part is once you start using the loan for everything in your life you will get addicted to it and yes it's true that you will always be in debt throughout the days of your life and if you die your property might be seized or your children might be the ones to start paying back what you owe.

No sympathy should be giving to this type of users, individual that take loans to fund their luxury lifestyle should be ready to payback their loans when the deadline date comes or they should be punished. Before taking a loans make sure you familiarize with the interest rate you're to pay on the loans. Since this online loans are easy to get some individual are abusing it by taking several loans they know they can't payback then get more interest when they can't pay by the deadline day.

Loans taken with your family approval doesn't mean they have to help out when it's time for you to payback because they didn't make use of the loan with you. They only agreed to give approval to the loan as guarantors so the loan company can give you the loan  quickly and usually works.

These loan offers are too attractive and that's why if you cannot control yourself from refusing those approvals, you'll really get to that point and you'll see that regret in the end.

The interest rates with those hidden fees are going to eat you up and will put you in stress.

That's why it's important to save so that you'll have liquid money whenever you're in need. If you have no choice and you need to take a loan, make sure that you'll still be able to at least sleep at night without thinking on how you'll pay those.

Actually there's nothing wrong with taking a loan as long as you use it on right way like expanding your business or use it on 100% that you can generate another extra profit. It will be wrong if you use it to buy any liabilities or use it on unsure situations. Many rich guys take a loan so that they can make their business grow so people need to think twice if they really needed to do this so that there life will not became miserable once payment time came. To many incident about such situation happens so this option should be less priority by anyone if its not really important.

Debt collection is a serious criminal enterprise in some countries. And even where it's not physically dangerous like they show in movies about South Korea, it can still mean psychological pressure for the person who took a loan and the loved ones. Fast money schemes are especially dangerous because they can give you some money pretty easily, but the interest rate is gigantic, and people often don't realize what they're getting into.
The suggestions by Investopedia include loaning money and even co-signing a loan with a struggling person. I don't think these actually help much, and they can ruin a relationship. The second article is more on-point, of course, but a big disadvantage is that it deals specifically with the US (after all, it's an official US government's website), whereas debt situations and solutions can depend a lot on a country.

I doubt that I would buy and fix up a house without taking out various loans... and even thou a lot has been done, there is still a lot of work left. But everything around the house is on on hold for now, I have an opportunity to buy some land that goes with my yard, so in the next few months I will take a new loan to pay for it all and have a bigger yard.

Loans are not bad, it's more about how we use them and more importantly to have a good repayment plan.

You're right: dependence on loans, online or offline, leads to everlasting debt. It's hard to break this "eternal debt" cycle. The situation in your city is grim. Indeed, debt collectors and borrowers often fight, worsening the debtor's suffering

I sorrow the young technologist who was killed by online loan recovery agents. It's a terrifying reminder of how bad things can get. Your analogies to Indonesia - a war on internet loan sharks, a 'pay later' mentality causing crippling debt - highlight the gravity and universality of the issue. It's a painful depiction of a global phenomena that needs political involvement and regulatory monitoring

I applaud your suggestion to find alternatives. Supporting family members in financial distress or developing excellent debt reduction techniques are laudable and vital. These options could prevent disasters

Loans have both advantages and disadvantages. Although repayment in small installments may seem easy at first, it can become a problem later if unplanned work is done. Where you get the loan is also important. As your commitment to online or offline loans grows, so will your problems.

The most important factor in loans is to make a good plan and not to go beyond this plan. Otherwise, you will not be able to do what you aim for.

Taking loans from bank is not a bad idea if it is taken for earning purposes like that of establishing a businesses. If loan is taken from any person and you know that you are not able to give it back to that person then it's not a good idea to get loan.

Taking loan is only not consider as a bad habit if you have a job and you know that in some years you will recover that sum. I will suggest that keep your work hard and if you cannot manage house activities then start to engage in extra hours works so it will become easy for you to save some and invest other.

Having salary is blessing these days so if you have salary then try to spend money according to planning so you will better manage each and everything

The most important thing is not to forget that the free period of using the credit at some point ends, and from that moment start to take on big projects. Many people, unfortunately, forget about this. And tearing up old loans with new ones is not always a good idea, because one day you might just not get a new loan to restructure

For business purposes then it would be ideal on which taking up a loan for expansion then it would really be able to cope up with the interest that it gives since you are really that working on something that would bring
you income then it would really be able to patch up,unlike when you do take a loan just for the sake of buying up something or something that could be considered as liability then you are really just making yourself putting on a hard situation later on on the time that you would really be able to hardly pay up those loans in due time. This is why we should really be that skeptical when it comes on getting loans if its not really that needed
then you should really avoid on doing so.If we do speak about emergencies then its not bad to take some loan but be sure that you should really be that responsible on repaying it on time. Also, this would really be
making up that kind of realization on how important on having a saving on these kind of times or conditions.

To the furthest extent, avoid taking loans if you can’t handle its pressures most especially those online loans as most of the agents are threatening their clients once they were unable to pay at their due date. That’s one of the reasons these days why some innocent people commit suicide just to end up their pressures from loans or from personal reasons. Although at some point taking loans are beneficial but they can also be a means of ruining your future especially if you let yourself become dependent from taking loans.

In the end, debt addiction will here to stay if you allow it to yourself. Even if we say our current culture has encouraged us to take loans, but we know in everything we always have to make choices. And if your choice is to continue taking loans, then expect that you will continue paying its consequences. However, there are always methods or course of action to get rid of loans. By simply managing your expenses and avoid luxuries that are unnecessary in your life, then you can start saving for yourself so you can minimize from taking loans.

But there are really moments on which you cant really be able to avoid on taking up loan when you are really that on an emergency on which it isnt something that you could assure yourself that
you wouldnt be taking a loan specially if you are already out of budget or your emergency funds had been depleted out and since you do still have this kind of option then you would really be finding
this to be your last way or method on resolving things. It isnt really that wrong as long you do able to repay those debts on time.

There really just that people who do have always that bad impression or looks about on taking up a loan without even trying to think that not all people would really be that having a money for their
current situations or challenges that they've been facing and this is why we do really end up on getting this kind of option even if its against our feelings and likings and since we dont
have any choice then we would really be dealing with it.

Yeah, we are still the ones to decide and control ourselves if we're going to take loans. Even if the government pushing people to take loans, that's a trap and you know it for yourself and just don't take it when you don't need it. And even if you need it but you know that you're not able and there's the consequence that you may experience later on, just choose what's ease for you.

Live frugally. This is going to help you out with what you just need in your day to day living, I agree that living luxury will push you to your limits because you're living to impress others and that's the second thing to avoid, don't try to impress other people and don't get their approval with things that you're doing in life. If you're living simply then that's the best way to live out without waiting for others to tell if you're doing it right or wrong if you're seeing it very well effective and you're not having any troubles living it.

Sometimes loan have it advantages and also a disadvantages, I believe that a loan is what makes some people to achieve success in their business and their trading, and the disadvantages of a loan is something I seen that its higher than the advantages indecencie that the advantages can yield profits or propagate to a certain level, I believe that both offline loan and online is a bother to the recipient because if things fails to work out according to expectations, so therefore it's not encouraging to lend money to start any business when you have not know or scrutinised the business

The problem is that loans weren't created for this, it wasn't created so that you can take luxury vacations, buy expensive bags and cars and phones etc etc, it wasn't created to fund your life. It was created so that banks would make more money, how does that happen?

They give you 100 bucks and get back 105 bucks, and that extra 5% is the way they make money. Logic stands that if we do not print money, and total is 1000 dollars ever printed, if you give all 1000 as a loan, then there needs to be 1050 paid back, but we only have 1000 printed? So where does the other 50 come from? It doesn't, we either print more money which we are doing, or banks take what you have as a response, and they own the world this way small by small, slowly but gradually.

Loan is loan It doesn't matter whether offline or online. Loans are bad for those who do not know how to use them properly, but loans are not bad for those who know how to use them properly. A negative aspect of the loan is that it has to be repaid with interest during the loaned money which becomes a lot of stress for someone who is financially weak.  But for someone who is financially strong, paying back the loan with interest is not a big problem. So it cannot be said that loans are bad for everyone

Indeed, the code is already like that. If you look at the core of the problem, it's not the borrowers who can't repay what they borrowed, but the increasing needs and prices of basic commodities, oil and other things that are constraining them. so, there must be a lot of people who are in arrears. Even though there are terms, why apply for a loan if you can't afford it.

I can feel it personally, when I receive a lot of credit account opening notices from different banks in my locality, even the outside lending services are very willing to lend just have some personal documents. Although I admit this is a good opportunity for us to try to get through the difficult times in life, it is clear that when we are stuck, it is not as comfortable as the burden in life, as the cases OP mentioned about suicide I can understand the reason for deadlock in life. So from the very beginning if we are all aware and well understood about loans, and responsible for the behaviors we create and how to handle things for life.

Loans are always a knife. If you do not have a steady source of income, it is very dangerous because it is difficult to control being caught up in a loan that you do not have the money to repay. Although it is possible that many people rely on a loan to be able to start a job as well as create a new journey, But that is because they create a plan in advance and have calculated risks, whereas many people, I find, borrow money for no reason at all. Simply satisfy your desires, so don't try to borrow money without a really good reason, because otherwise that knife will ruin your life.

I would like to talk more about the positive in life, given the fact that we always see situations that can be said to be tragic in life, and possibly even for us. But have people ever wondered if my best friend is in such a situation, I think to myself that without my previous credit loans, I would no longer be able to spend in life and for sure i will starve because i don't have money, it gives me the motivation to try harder, not the problem that i am dependent on it. I have also seen stories of bankruptcy in business and more negative than suicide, but I think for a moment if their family really wants that to happen, let's continue to live to face difficulties and overcome difficulties going through it, not just seeing the problems around, doesn't give me opportunities.

Taking a proper loan from a bank is not a bad aspect but the issue here is the loan sharking apps that are lending out money when you are providing your identity card with very high interest rates. You need to be careful when you are taking loans from these online companies and the links you posted are about these online loan sharks who harass people when you delay on repayment.

There are still many people who make loans even though it is an urgent situation but they never think about repayment. This is often ignored by them so that it will become a tension between the debt collector and the loan.
Now I see in the news that online loans are increasing for a reason that is easy to do and they are also only for their own interests without caring about other urgent needs, on the other hand erratic income causes loans to not be repaid because they cannot afford it so I think this is now a lot of problems.

As much as possible avoid loans if you still have income then use it as your needs even if it is small but if the management is good I think it will be enough for them, you can also add other income to cover the needs maybe the best way, but if you only rely on loans that are incapable of being above our income then it will become a habit for them.

Taking loans is actually a good thing if you do it for your own business progress and extension. Even rich men are doing that and made them wealthier in the society. However, if you become dependent from taking a loan and even include that in your budget, then you will never easily get out from that situation. Instead, it will make your life harder to live due to high interest and monthly amortization, which means all your hard-earned income will only be used to pay for it and leave nothing in your pocket. So you take another loan again, and that cycle will only continue as long as you don’t manage your finances well.

Having offline and online loans for long term will certainly bring no good in your life. Yes, you maybe benefiting at first and used the money according to your means, but when it’s time to repay it and suddenly your income has been going bad, then that’s the start of your problem. You will never pay your first loan without compelling yourself to apply for another loan. That cycle will keep on repeating until you find yourself not having anymore to earn or save. One thing that we should avoid doing while we can still manage our finances.

What happens is that the rich know how to use such a financial tool while the rest of the population does not, asking for a loan for a productive activity or for an asset that reevaluates in value over the years for a low interest rate is a good decision.

But the majority of the loans given today are consumer loans, loans which are given to buy stuff that people want but that they do not need, and such kind of loans are terrible as you end up paying for the same product several times over and you only make the bankers richer while you make yourself poorer.

Of course, and I'm sure there are very many rich people who develop their business using borrowed money, but if the business is already running and the prospects are good, then it will be very profitable because in business you need big capital to be able to get big profits too.

And the bad impact when making a loan is for people who cannot use the loan money productively, of course it is a very big loss when we have to pay interest to other people without being able to get any benefit from the loan money.

Even millionaires are taking loans it depends on the person who takes those loans if you are taking a loan because you want to buy something which is a liability you cannot make it pay easily instead, you are suffering to your debt, but if you are a person who have a good intention with the funds for example for the creation of assets you can now easily manage to take back those loans as cashflows this serves you easily to pay with the use of the assets you made those are the one who pays with your loans. Use this mindset to prevent yourself being greedy with the tons of wants you want to have.

Avoiding getting into debt as much as possible needs to be done.
Debt is a burden that will hinder people in their activities because it will disturb their minds.
Many negative cases have occurred due to debt and the worst is the loss of life.

There are places where debt can help grow the income earned, such as in many big businesses.
Businesses go into debt because they see the potential profits that can be earned in large amounts when calculated at the end of the year.
If the capital is sufficient from the profits earned, then that is when they decide to end it by no longer continuing to be in debt.
Indebtedness is not not allowed, but it must be patterned properly and should not be forced to continue.

Not only that, in the case of large debts like a mortgage you are in a way betting that you will be able to keep working for decades to come without losing your job, suffering an accident or the economy crashing along the way, and if you lose that bet not only you will lose all the money you invested in that asset but will also lose the asset itself.

For this reason is imperative to avoid getting indebted as much as possible, and if we do not have any other option then we need to reduce that amount and to pay the loan quickly as well.

If we could just not take a loan, it would be better, but again, there are times that it is needed because we need that money and we don't have a choice, but first we should see if our salary is still enough to pay it, and if not, then let's try not to take that loan because it will just make branches like what you've said, taking another loan just to pay it. If we are just taking out a loan to buy expensive phones or stuff, then I think this is not a good choice. With a loan, you just save and buy it in cash.

It's not really good to borrow from online apps these days, it's been trending here in our country in the news because there are other loan apps online that don't charge their borrowers correctly.
Think about it, one of the methods used by online apps is that they sent a car with a coffin in the name of the person who owed them money, then there was a threat made, it was really foul and below the belt, it was a lot of harassment . So the borrower is more stressed. So what our government has done here is that the online apps that are purely harassing are charging, the company has been shut down due to the violation.

I believe that only people born into wealthy families do not need to borrow money, and for people from ordinary families, borrowing is an inevitable part of life. Everyone goes through it once or a few times in their life.

Exactly, we should stay away from loans, whether online or offline. But life is always full of surprises and difficulties, and if there is no better solution, we can consider borrowing. And as you said, as long as the loan amount is not too large and not beyond our ability to pay, borrowing is normal. Do not put too much emphasis on the problem of borrowing as evil and should be absolutely avoided, depending on the situation we encounter, we have a specific plan.

this is a few paragraphs from the article that I saw, the point is that debt is something that will not be easily separated from many people at this time, so what should we do to avoid the burden of debt? we ourselves must have good debt management and do not owe more than our ability to pay.

besides that it is important to remember, some people who are very desperate or impatient choose to owe with online or offline loan sharks, they plunge themselves into a debt hole and the chance to get out of the moneylender's circle is very small, so it is highly recommended to avoid borrowing money to loan sharks because you are only complicating your finances.

Taking loans is not a bad thing and especially if it's taken for a reason you know is going to make you enough or even more to repay the loan back and still have some money left, but taking continuous loans mostly to retake loans only to pay the pending loans will put you in a very bad situation that you will find very difficult to get yourself out from, and a lot of people tend to get themselves stuck into that loop of loans and repayments and they can't get out at all.

Millionaires taking loans basically understand the consequences and they have everything planned out that is the reason why they go for loans because they know they will use the loan in a way that will generate more income than the amount they need to repay the loan after a certain period.

Nobody wants to be labeled as a debtor, but I can tell that many individuals are pushed in that direction by their circumstances, and they can't just avoid taking out loans because of an emergency. However, I can only advise against borrowing money to engage in risky activities like gambling or unnecessary spending. However, if a loan is taken to fund a business and you are confident that it will be profitable, I believe there is nothing improper about that person taking the loan.

A loan is intended to assist those who are in need of money for an emergency or to address a particular issue, and it should only be granted for amounts that the borrower will be able to return. But these days, individuals misuse it and take out loans for illogical reasons, and because they never use them effectively, they always struggle to pay them back. I shall therefore encourage everyone to refrain from taking out loans without a legitimate need.

I take loans in the hopes of building a good credit score and account standing on some banks. In this way, if I ever decide to start another business, I won't have to break an arm and leg in order to take out some loans to finance my business. It's also very helpful to have a good credit score since you will gain access to some perks that your bank offers and not everyone gets. Bottomline is, take some loans that you need, pay regularly and never miss a payment. Being responsible is just the key to not get problems related to loans.

Taking loans and being responsible is good. These days more firms that operates online and gives loan just with enquiries. The banks and the financial service providers always wants their customers to be in debts. I bought a car three years back, and get calls from the banks often. What for is the call? Do you need your loan to be topped up, which means they'll avail more amount as I have paid it without fail. If there is a need I'll contact them, here they keep us into temptation which is completely an unfair function from the banks.

Normally, some of those loan apps clearly state their terms and policies for loan defaults, but with some people being so ignorant and too lazy to read up on those TOs, they decide for themselves what action the loan provider decides to take. For example, some of those loan providers will clearly state on their TOs that "if your loan repayment is overdue for more than two weeks, you will be arrested and made to provide the repayment in full." Some people don't even bother to read up on every important agreement before accepting the offer. They will just go ahead to agree.  There was a news story I read (I can't find the link anymore) where a girl took a loan from one of those loan apps, but after the loan was one month overdue, the loan providers began to call every one of her phone contacts (her mom, dad, uncles, Aunt, brother, sister, etc). She never knew how they got her contact information, and it was unknown to her that she had given access to the loan app to read her contact information.

The easy access to these loans by anyone irrespective of their employment status who has an electronic device with an internet connection is what drives people to collect loans. I have researched on this subject matter extensively and found out that even the Buy Now Pay Later craze is part of the loan problem.

In countries where they have these loan sharks organizations, the government must step in to protect here citizens. I do not like loans and despite that I have been forced as my last resort to take out loans onces and it one other worse periods of my life.

usually online lending platforms are managed by individuals who have enough capital, so they simplify the requirements for borrowers because for them the money they run is money they can lose, but sometimes the borrower does not have mental resilience when being billed for debt, so there have been several cases of suicide that have occurred due to collection by debt collectors, this awareness should be taught from an early age by the government

Yeah, everything is online know so the attraction is there even for those people who are not in dire need of money. Maybe they will bite on the promotion and borrow some money and then later on regrets doing that.

I've known several people locally here who have been entrapped by this loan sharks and they are harassing them. And the only way is to really pay them. But the problem is that if you don't have the money. So hopefully there will be laws to help this people who fall for this loan sharks and online or offline loans. We don't like to hear news that people taking their lives because they are stressed from all the the daily harassments.

I can testify that having constant debt is a very tough thing, and if you do not earn enough to live every month, then you are going to end up with a debt every month. Unfortunately I had that type of situation for a long time but lately I have been starting to get rid of some of the debt and doing fine. Debt is fine as long as you can manage it, there is no reason to limit your life because you can't pay stuff full in cash, you do not have to think of it that way, you can get debt and specially in very high inflation nations like mine, you can make it easier. Just try to not over do it, I did and it caused a little bit of trouble for me, and some unexpected expenses resulted with me being broke for a few months. But starting next month the debt is going down and down constantly, making it a lot better eventually.

Simplifying the requirements and allowing people to have easy access to the platforms attracts/allure those who wanted to have a quick way to get the money, the problem it takes is the obligation behind, without proper understanding you'll be diving with a huge obligation since the amount of interest will really burn us to the point that you'll leave no choice, and that's the time where someone who can't handle how the loan collectors approach will resort to suicide, not a good decision but without anything to pay and aiming to find peace of mind they will pick that kind of decision making.

It's true that government should intervene to protect those citizens, by providing early precautions like campaigns for awareness about what the obligation behind when you participate or when you take the kind of loans is an eye-opener too many.

I think that's the positive side of taking loans, it's developing a good loan credit in case we need to make big transactions to a bank. Moreover, there really isn't that big of a negative consequence in loaning unless you decide to be irresponsible and not do your payments. It's a transaction and therefore both parties are accountable to each of their parts in order to ensure that a good relationship (between the lender and borrower) stays.

This is a social problem in society and will continue to occur and have a huge impact on us applying for Online or Offline Loans. regardless of this condition. I think this all has a reason. the first, let's not associate it with habits and habits that are also born due to many other things. But, The First, we refer to who has the responsibility here, if we are the people. Yes, right. Government (the Authorized Parties). The government must be aware of this inequality and read where it will go in the future and its impact.

Aside the interest to make profits in an investment I see no reasons to loan.

Some persons typically loans to boost a commonly ceremony and pleasures leaving you a fate of a hard way of paying back.

And the most regretting time to loan is being a hurry. Because you could be disorganized by the attractiveness of an unworthy circumstances nature of your ventures.
Improperly organized reasons of your ventures why you are borrowing because there would be no rebirth of your money spent so it would be termed of being lavished.

There are still generous people around us who are ready to help our family, relatives and neighbors when we are in a difficult situation. What I quote is based on what happened around where I live. The people in the area where I live still have a conscience ready to lend to people who are in economic trouble. There are no fights or tensions or until harassment occurs because lenders and borrowers have a strong emotional bond.

Online loans with an interest rate of up to 10% will have a negative impact on borrowers, because there is no other solution they are forced to take online loans even though there are various kinds of risks that might occur when the loan cannot be paid when it is due. The news that you quoted in the Op is that in a small number of cases there is an effect of not being able to pay off loans on time, Online debt collectors are known to have no tolerance for the borrower's financial condition, they will not go home empty-handed even though the borrower has no money.

The difficulty of finding a job is a factor that causes someone to get ensnared in making online loans. This has often happened. Several other reasons, such as an urgent need and not wanting to bother other people, are of course the main things for people who are trapped by online loans. Besides that, making online loans is somewhat easier than borrowing money from other people.
The negative effect is if someone continues to be involved in making online loans, it is likely that their economy will never be stable and will have a worse impact.

You may be right, although as far as i am concerned it is much better to get into an investment than into a debt, one will get you out of trouble over time and the other will only bring you more worries than you possibly already have, so studying the panorama from all perspectives, that is, both legal and illegal, the conclusion i opt for, like many people who have commented, is to avoid it at all costs and be aware so as not to have to fall for lenders of any kind. However, i would like to emphasize mainly those that are handled without the authority to execute these movements, since i characterize it as the worst of both cases, since requesting a loan from these entities, whether physical or online, is one of the biggest mistakes that a person can make, the number of scams and the problems that they can get into can go beyond the circumstances that made them make that decision, since normally individuals who work as lenders illegally are usually ruthless and tend to involve their victims by raising exaggerated interest so that they can never finish canceling said debt, turning it into an infinite commitment that transcends generations... a fact that i consider unfortunate for those who had nothing to do with it.

Thats the big qualifier, the debt long term secured can be a positive when balanced.  So most obvious justified debt is getting away from rental costs and buying a house using debt long term..   This can still go wrong as base rates in my life time have been 15% even in major economies this is always a possibility lurking on the horizon.   The ideal is a fixed long term rate.   Not many credit cards have this so its dangerous to borrow, across an entire economy it can lead to collapse.

On the time that you are in a situation on which there's no other options that you could be able to get then for sure you would really be touching up loans whether it would be online or offline as long you do have the
chance on getting these loans then for sure you would be diving in if you dont have other choice but as much as possible, it would really be ideal that you should really be avoiding it at all cost and actually im really that guilty with this on which i do make some loans to pay up some loans because it is really that hard to sustain or relying with my job salary and with lots of expenses and having that inflation then
it is really that hard to completely rely.

We are all having that kind of similar problem and this is where these loan sharks are really that making money due to the fact that they could offer out and put up huge interest on which it is
way more than on what banks offer or giving and since due to easy approval and access then it is really that easy to comply and easy to get if you do have the chance on
asking.

Loan can be so useful. This depends on what you want to use it for. Most of this successful business man and woman leave on loans. Loan can be taken for business purpose if you have a good means of paying back.

Under these conditions it is natural that many people borrow. But if borrowing continuously is not good. Many debts will only be hit by worries because they have to pay. So in my opinion what must be applied is to be good at managing money. When borrowing, you have to think about the risks first, and when you have your own money, you have to pay it off little by little so as not to accumulate debt, and then don't borrow money again to pay off debts.

You have a valid point, the reason why it will be difficult to get rid of online debts is that they do not require collateral and can be obtained in just a matter of hours, they do not require any verification other than personal identity, and after that you will be free to take loans even at unreasonable values because they exceed the ability of the borrower to pay the installments and also the large interest will make it more difficult for the borrower to pay the installments later.
Actually, what is also quite dangerous is that it can be used to buy goods on the marketplace so the more you open the marketplace application, the more you use the pay later feature.
Unfortunately, the advertisements that continue to be spread by these online loan applications with taglines that contain false information so that more and more people are involved in loans like that, they should make loans taking into account the ability to pay installments and interest that must be paid otherwise we will only work to pay off these stupid debts

Your last point is exactly why a lot of people that are borrowing money finds themselves neck deep in loans. They thought, maybe out of options and pressure to get rid of their loans, that borrowing money from a different lender to pay off their already existing debt will be a good decision. Instead, they only find themselves in a cycle of what seems like a non-stop payment.

The rate at which people get loans is turning something else, I have seen several cases were some sets of people collects loans online, but the funniest part is they don't pay back when time due, they don't pay back because they don't have the money but because they thinks its a free money and no one will come looking for them or whatever.
Offline loans causes trouble, and I will not advice some body to give out a loans to a person who's not well capable of paying back, there's a case I overheard Frome some set of persons sayong, some body collected a loans of about 3 million naira which is equivalent to $3,787 and the person ran away because he can't afford the loan and the interest, I will advise anyone to take a loan that he's/she can pay back.

which most of them don't have a choice, I noticed mostly that those people who take out a loan again to others have less interest, or the person from whom they borrowed money is asking to repay it. This is mostly what I noticed before, which is why they are taking out a loan and others are just getting a loan because they are caught short. Ive also seen a taxi driver who is really getting loans from time to time because most of his income is only to pay his loans, and he has nothing left, so he has no choice but to take out another loan unless they are starving.

I hear your anguish and despair; scammy online lending services are a serious issue. The low barrier to entry for accruing such loans comes with a price. The price tag often reads financial disaster, despite the fact that it appears to guarantee financial freedom

These debts are difficult to get rid of for a number of reasons, not the least of which is the simplicity with which they are accrued. In my perspective, the true problem here is a lack of financial literacy. The entire ramifications of these loans need to be understood before they are taken on. While the lack of verification and collateral requirement makes these loans attractive, borrowers should be wary of the compounding interest and penalty fees that can quickly become a burden

I agree that it's tempting to fall into the trap of using the "pay later" option on marketplace apps. But it's on us, the customers, to practice restraint and pick products that will serve us well. It is long past due for regulatory agencies to step in and enforce stronger restrictions regarding the deceptive advertising. Putting the onus of responsibility exclusively on the buyer is not acceptable

On that first statement about online loaning, it's not true that no one will haunt you after you get that loan, there's no free money and for sure it will hurt your credit once that loan reflects to your account, or something that treat loan the with credit score, and regarding to your second statement about offline loaning, yeah better to think before taking that loan, make sure that you have enough expected salary to cover the loan and the interest.

Else, those companies will haunt you and will do everything to make sure that they will get it whatever the cause of their actions.

Currently online loans are the most crowded because of their convenience and in just a matter of minutes the money is immediately disbursed, but this also has risks if you are unable to pay it.
making an online loan must also be accompanied by good planning and preventive steps that have been prepared. Because there will be a risk that you might get if you later fail to pay, because you will be terrorized with constant calls, some even using offensive language. In addition, because they have a database of your contacts, they will not hesitate to embarrass you by calling all the numbers listed in your contacts and this is very embarrassing for borrowers. In addition, accounts or identities will be tarnished for any loan platform.
And offline loans have a high interest risk and you have to think about it carefully before doing it, especially thinking about your income with installments that must be paid.
and my advice is to try not to make online or offline loans and if it's really important it's better to sell something to get it done, and after that you have to have extra income or a side job so you don't get into debt and can also solve your financial problems.

Yes you have a point here but you know one thing, those people who do collect online loans are having a different mindset from yours, there thinking faulty is very different from yours because they haven't seen any victim's. Some of this loans platforms are been controlled by the government especially in my country, here in Nigeria it's somehow different some loan platforms are not like the other, if your loan is not cleared they will call you to pay.

I actually I have funny story about this, and you may wouldn't believe believe me but it's happening in my country. Many people are purposefully taking loans from those kind of illegal online lender, and they purposefully defaulting that loan, since those lender are illegal they can't sue those people who are defaulting the loan, all they can do is calling the loaner phone number and their relatives' number, it's still pretty scary and embarrassing I guess but still better than going to jail.

That's logically right, you have the loan and you need to pay it that's the whole idea of allowing you to process that and for you to agree with the terms and interest behind that loan, you are liable and that advantage from the loaning company to have access with the government, that's their edge and the very reason why they are not afraid of letting you to barrow the money, they know that they are well-protected, not sure if what's the ground but for sure they always have that upper edge in that particular setup.

This true for many cases and it is already happening mate. Statistically speaking every banking system is on delicate balance where they could literally fall from one angle into irreversible debts itself.
There are various products of banks such as credit cards, loans with different types of ways to avail them, debit cards, FD and RD. It might be limited by my knowledge but there are definitely more than this.

Speaking of which if you see the stats of Credit Card debts itself then it is on the verge of reaching $1 trillion. It's huge debts man, even on the banking scale.


This is what amazes me, how things are running just on tipped balance.

That's actually common way of making you pay thru online loans, if you haven't pay the loan in time of course there would be consequences such as the interest will increase or your credit score would be reduce things like that. If you still haven't pay yet they would call you already asking you to pay. When they feel like you're not going to pay those loan of course they could contact the management you're working for asking you to pay where they could reduct the loan from your salary. Since when you're going to take a loan they would ask for your income and where do you go to work, they could also interview you if you're salary could meet the standard for taking a loan. They couldn't just go to your apartment and ask you to pay but they have alternative ways for you to pay back the money you borrow.

When there is no other course of action and you have to expand your capital then taking loan is not a unpleasant aim but if you once loss that amount then taking loan repeatedly in such a need to return back and to make more money then this will become your habit which is surely a bad habit.

If you have 100 percent indemnification regarding any business that you will make more money by investing in business then take loan otherwise avoid loan  as you can.
You are right that taking loan for buying such materials which is not a type of investment like you are buying expensive mobile for yourself for time pass is not good idea but if you are using mobile for online business then you can do it because through online business you will earn lots of money in very short period of time but it will depends on type of business and your efforts.

it all comes back to you personally how do you manage the loan money, if you use all the loan money just to meet your daily needs, then you should never be in debt if you don't want to be miserable later let alone make loans to conventional banks or online loans with interest relatively high. Because it is clear here that your income is proven to be unable to meet your needs, if you are in debt, where do you want to pay the interest and installments while your income is not sufficient, what you need to do is expand your business, not your loan.
Unless you borrow money to increase or expand your business, that's fine because the loan you borrow rolls back so you won't be confused about paying the loan and interest. And it is precisely with this loan that it can be an impetus for the business development agreement that you are doing.

So is it a negative loan or not. it comes back to you personally how you manage the loan, whether it's a short term loan or a long term one.

But it's not for everyone, some conditions must be considered in getting into debt for business. if indeed we feel that we have our knowledge and our soul as entrepreneurs already feel very good and even much better than most people, it's okay for us to be in debt. And vice versa, if we don't have knowledge or ability with business, it's better not to have the slightest debt. because it is feared that in the end, we will not be able to pay it so in the end we have to pay off debts by borrowing again.

In my opinion, loans for primary needs are called debt, but loans for developing a business are called capital. The point is that debt should not be used for consumptive things such as debt due to lack of money or debt because you want to buy luxury goods, unnecessary shopping or credit, and so on. But if the debt for business is never wrong, but of course there are lots of considerations. Lots of entrepreneurs take advantage of debt to do business, even the state takes advantage of debt.

I agree with your points. Personally, I only take loans when I have to buy something that my family and I needs urgently. I also take loans if an emergency happens and my savings wouldn't be enough to cover it. Lastly, I took a loan for business before and now it is fully paid off. I think it is very vital to ensure that even if we take loans we still have the means to pay it.

Loans can indeed be very useful if used for business capital with good goals along with long-term development goals for the business. Because someone will not be wrong to make a loan if the goal is for business, but until now there are still a small number of people who also make loans for things that are not a business, so this step is a very wrong step because in the end they will experience more difficulties in their life. Whether it's financial difficulties as before, or difficulties for those who have to pay off loans they've made before.

Constantly taking out loans is not a good idea. It leads to a never ending cycle of debt as each loan usually comes with interest & fees that need to be paid back. You’ll end up in financial stress with an inability to meet future financial obligations. Relying on loans can ruin long term financial goals such as saving for retirement or purchasing a home. It is important to carefully consider the implications of taking out loans & look for other options before making such decisions.

Though other people have no choice but to take out a loan because they can't buy the things they need, Though I don't say that a loan is good, let's say if you don't take out a loan to buy a laptop or PC, you won't have it unless you are very disciplined to save that amount and buy it in cash (which sometimes I have a hard time with), and others take out a loan to build a house, and they are saying if they don't take a loan, they will die saving their money before they can build a house. Though it is still not that advisable, if, with purpose, you can pay it on a monthly basis, then there is nothing wrong with it.

If you go by what one of the richest men in the world and arguably the best investor in history says, you should avoid taking loans/credit for anything except a low rate long term mortgage - where the value of the asset can actually outweigh the loan over the long term. Besides that, far too many people borrow money when they would be much more responsible if they saved up before buying the thing they want, which will probably depreciate at a much higher rate.

Taking a loan would only be advisable on times or emergency or if you have concrete plan on how would you spend it. First one is given but the second one should be something that will generate profit to hekp you atleast , pay that loan. According to some of my friends who've been into different field of investments, if you have plans then take a loan and create or invest into a profitable investment then let that thing pay your loan for you.  The idea is there but unfortunately not all businesses are working smoothly even with investments ofcourse. Depends on how profitable the investment is but the minimum should be generating an amount that would help  or something which has atleast low risk of losing.

      -     It's hard to become a habit of debt, because once that happens in your personality, it will lead to addiction and it will be difficult for you to get rid of it. there. It's like the debt will become your chain, believe me.

only do the loan during the time you have an emergency reason. It's not that even if you don't have a reason to borrow or borrow, you'll still do it, it doesn't matter if you use it in a business that can produce money, it's okay.

If a loan is taken only to meet living expenses it will add to the burden, especially if we don't have a steady job to pay off the loan every month. It doesn't matter if someone takes out a loan to support the business they are running because it can be more productive. But we also have to have considerations when deciding to take out a loan, whether the business and business that we are in can develop or not.

Today many people have difficulty getting money and taking loans will only make people more problematic. Sometimes certain conditions make people have to take a loan because there is no solution they can do, even though they consciously know that taking a loan is not a solution in such conditions. But conditions force them to do it and many people I know do this because they have no choice.

Without realizing it the life we are living right now is getting out of control and jobs are getting harder for us to get, so that it can affect people in making ends meet. Reasons like these are what make people entangled with loans and the more forced they are, the more difficult it is for them to get out of the problem.

Something extraordinary that you have ever done and hopefully this positive thing can continue until the end of your life.

So that's what I want to say before we borrow money, we must first think about how you can repay the debt. Because those who lend money just want to know that their money can come back with interest and all that regardless of all your efforts.

And I hope we can all be wiser when we want to make loans

Actually, if we look at the context of the loan, I think it depends on how the person making the loan is. for some people, a loan will be good for capital from a business or business being carried out, but for some other people this can also be inconvenient because the purpose of borrowing is only to support ourselves and the rest for us to use for pleasure.

Borrowing money is not an easy thing because if we are not careful with the use of the money we borrow, this can backfire on ourselves.
I personally will not prohibit loans because it is everyone's right, but if indeed we cannot face the consequences of borrowing, then it would be better not to do it.
I myself understand the qualifications that I have, so I better maximize what I have instead of having to try to borrow because I feel that I will not be able to accept the consequences.

The problem with this kind of thing is that we often encounter borrowing first and then thinking about how to pay it when the installment is almost here. At least this happens to me because I often encounter this especially for some of my friends who make loans.
There are so many reasons that we will get just to make it seem as if this is the fault of a difficult economy so that we make loans.

When in fact if we explore further sometimes things like this happen because of our excessive lust for something and when we have a job or monthly income so we are bolder with the assumption that it can be fulfilled and can pay for what we borrow but in the end everything is not that simple.

I agree with what you said because it is wise to do this because you have to think about the risks that we will accept when trying to borrow.

Yes, they can be useful but definitely not for long term basis. The sad reality if you start to take loans is that you will become more dependent on the money that you will get from your loan, and everytime you have financial emergencies, taking loan will be your first choice without thinking that you can still save at some point to avoid resorting into loans knowing you have a stable job in the first place. It’s like that you become more dependent on your loan to the extent that you are only working just to pay off your loan and its high interest.

It’s very sad to hear this news,because the guy was just 23 years.So he is very young person,who live minimum of 60 year.If he not get into loan problem,let his soul get into peace.The first and foremost one is the people should not take loan when they are in need.They should learn to save their money,when they are in need.The money will surely save him,even if their friends and family members failed.The loan collection people should not very rude with the loan people who take loan due to some financial difficulty.

And instead of having that mindset, it should be better to reverse it and think about the money and how will you manage to grow it the same manner how business minded people treat their loans, in most cases, those successful business owners even they've got a lot of loans they making sure that they've got passive income generated venues of investment to cover those loans, they will add loans but they first secure that they have enough resources to repay that loan and not just taking it without any future plan on how they can repay everything,

Same concept of same treatment should be inside from those people who are trying to barrow money, though there are many chances that loan is for emergency and we know how hard for minimum earners to repay that money, this might part of the exemptions but still the reality behind.

You barrow that money and it's your obligation to pay, else, you should think deeper before you resort yourself with this option.

It is true that sometimes the reason someone borrows is not only based on need, but there are also those based on the mere desire to satisfy lust and this is what we need to avoid. Because it's not uncommon for someone to be willing to take out a loan to watch a concert, for example because they think when they can meet their idol again, even though they can watch via live streaming. Or those who are willing to do luxury car credit with the aim of looking more capable,even though they can buy a regular car or used car with cash without having to take credit.

This ridiculous thing is often done by some people "They prioritize wants over needs and prioritize prestige over function" which in the end will only torture themselves.

  It is important for us to be grateful for what we have without having to compare it with other people "must be ambitious, but we also need to see the situation"

But there is something worse than that. That is, digging a hole to close the hole is what makes most people make loans continuously. The vicious cycle that never stops, making loans to pay off loans and again this is the most ridiculous thing that has ever been done by some people.

"What must be enlarged is your business, not your loan." Let's think clearly, bro, when you get a loan, it means you get the opportunity to grow your business, so take advantage of this opportunity while there are still people who believe in you.

A lot of people make the mistake of taking loans without any proper plan as to where they will use that and how they will repay it back, they don't have any business plans, and they don't even work or have any source of income that can be used to repay the loan back, so what they do is just take the loan, spend it on themselves and their household needs and when the time reaches for repayment, they sit with their hands on their head worried about how they will repay the loan.

I've also seen a lot of people who take loans only to gamble with them hoping that they will double the money and repay the loan and still have a lot of money left that they can use either on gambling or to buy things and stuff, but they just ignore the fact that gambling will eat the money up and that is exactly what happens.

Loans are recommended only for experienced businessmen or someone who is already doing some business. Taking loan to start a business specially from Bank is a big mistake which many immature investors do. As a new business owner your money may struck up for indefinite period of time but Bank or any other lending agency wont wait for there money along with interest. Better to start a business with your own money, the one you can afford to lose.

The fact that you continue to borrow just to fully paid your first loans, then you are allowing yourself to fall deeply on the trap. This is a very wrong mindset and anyone who keep on doing that will never get rid of loans even after retirement.

It’s never bad to take a loan if the purpose is valid, and you know you can easily pay for it. But if you become too much dependent on it, you are not doing it for a valid purpose anymore, since you tolerate yourself that made yourself the one taken advantaged.

We are living on a world on which we are really that been shackled by debt considering that economical problems get worst and not all do ends up on having a stable or good paying job and sometimes
there are worst cases and moments on which it do comes into our lives on which it would be the main reason on why we do take up some loan.Its true that it isnt really that bad to have some loans as long you do know that you are capable on paying it off but as much as possible it would really be that wise that you should really be clearing up those things as you could because having debts or loans
is something that not recommendable because it would really be just messing up your entire finances and plans because you do keep on paying up with those interest on which it is something that
you should get to avoid. Doesnt matter whether you are dealing with offline or online loans because the effect would really be just still the same.Paying up loans by new loans? You are just putting
yourself into a bad financial situation on which i have able to experience the same thing wayback because i dont really have no choice when it comes to this.

Well I think to carry out a loan on ongoing basis is bad. But it is better to do then to do something illegal.  I believe that I will never do something illegal for many reasons. I do not think I would be setting a good example to my children knowing that I can do everything possible to look and apply for a job to get me out of my financial setback.

But taking a loan is better then risking getting in trouble and going to jail. I can recall the times when I was low on cash and needed money to buy essentials or pay off my monthly rent. I had to reach out to a couple of my friends to help me out with money. And I always do my best to pay them back for helping me. But I do not like to go this on ongoing basis.

The problem with this is that debt is constantly incentivised by providing payment facilities for everything, which only puts people deeper and deeper into debt.


The most normal thing is that they end up refinancing the house, it is very common. In other words, people who have equity in their house that they have accumulated after years of paying the mortgage, but at the same time they take out personal loans, use their credit cards, finance their furniture, etc. When the time comes when they can no longer pay the loans, they extend the mortgage in order to be able to pay the consumer debts. But this is a temporary solution and if they do not change their habits they will end up going bankrupt,

Borrowing as a fact to pay back is not a bad move as it serves a means of interest to the lender and a financial solutions to debtor which is supposed to payback either on a 0% interest or more.

Majority of the lenders aims to have lending as a means of income while some are of means to help the debtor to fit solve his/her financial problems on a no income exchange

And you as a lender ought to determine what rate of % you are borrowing so as to utilize the money borrowed and bear it what whatever being borrowed is meant a payback in a due specific time.

The lenders would always be a better advantages than the debtors because it is always easy to give but difficult to return.
You borrows when you are seriously in need and choked obviously you are being desperate about it all to solve your financial needs within a specific time.


Untill you x-ray and Scan your financial status and stabilities, only then you would realize what amount of debt you are worth to help minimize debts.

Also important to consider whether it makes sense for you and your financial situation just as lending money to an individual would put a strain on your own finances and make it unhealthy to keep up your bills, it's probably not suit in undergoing.

There is said to be risk towards who lending as a two parties where the debtor maybe unable to pay in any case or by an agreed period of time while it takes the lender lot of resources in demand of what was borrowed and as a case maybe, probably may no be able to retrieve it back. This is why some some lenders would as for a collateral stake all to have confidence and easy of their financial recovery

Normally loan has never been a good financial aid to borrowers. Though it is helpful for a immediate help of emergency but whereby the borrower is addicted to take loan always then it becomes a bad habit. Loan has frustrated many lives in the world and also render propertyless to many people in the world. When I was a little boy, my niece took loan from a from and she could not pay back the loan so they came and took all landed properties to settle the loan and she became empty and she frustrated till she died. Loan addict destroy people life.

I know my self worth and I don't like it when someone come knocking at my door for debt, it makes me hate myself, it's humiliation.

This is why I stay away from loans and debt, what worse could happen if I don't take a loan or borrow money from someone? If I can't afford anything I would rather stay the same and wait for better days.

There are too many examples around me, it all went bad, so I've learnt from it, if you can eat even once a day be thankful and find a better solution, from there you will grow, someone who eat once in a day will one day be able to afford two meals in a day, I came from a tough struggling background and I walk my way up myself.

A loan is required when you require funds but do not have enough surplus. You should only take a loan if you intend to use it for productive purposes or to purchase an essential affordable asset that you can repay in instalments over a reasonable amount of time. You should never take a loan for speculation or taking risks.If you are in need of any urgent unavoidable Real costs, you can rely on us to help you get through the problem. If you have a good idea or a fresh concept that you are confident of marketing, borrowing money to make it will be a wise move.

The example you gave can be a lesson for us in the future to be more careful in debt. Borrowing is not prohibited, but owe enough to be able to pay it off. Because the habit of having debt is dangerous, if you don't have it, don't force yourself, don't force yourself to owe it, because one thing that is dangerous about being in debt is that it will become a habit and without realizing it, we will easily get into debt for things that are not important and over time it will be the way out of all the problems it faces.

See how many debt traps there are today with pay later, 0% DPO, low interest, low installments, credit cards, and so on. Everything is tempting, but remember that the pleasure you get from debt will not last long, it will be replaced by anxiety and the burden of paying.

Borrowing money is never considered a good thing to encourage, but sometimes it is useful for many situations and not everyone who borrows money will be addicted to borrowing or unable to repay a loan. I also went bankrupt and didn't get anyone's help, if I hadn't borrowed the money, I would probably have ceased to exist and would not have been able to start from scratch to get where I am today. Borrowing money is not quite as bad as what you are describing. But borrowing money requires a reasonable repayment plan, and those loans should be used for useful things, not for useless things.

Well, as we know, in general, loans will really help someone when experiencing things that cannot be predicted, meaning like an emergency fund. Someone and most everyone will take that path in conditions where they really need fast funds. But sometimes I see that there are also those who take advantage of this opportunity, borrow for various reasons as if they were in a very urgent condition, then they use the money for things that shouldn't be done, or are uncertain, such as for a gamble. Cases like this have happened a lot and many of them have also felt the negative effects, such as stress due to being in debt and there are even some of them who have to enter rehabilitation. For myself, I will only be an honest person by using loan money as needed and will not create various reasons just to get a loan.

Even though it is your own brother? The story is always different we must be more careful to make loans to others, this is difficult to pay back if it is due.

Stay away from loans life will be calmer. More pressure if you do not pay on time it will be a problem in your life, but when lending money to others should choose a good friend who can pay back appropriately.
Whatever you want, it's better to save first.

Yes not only and see it around her I also see how someone becomes bad because of loans, they can not pay people do not believe anymore so it is difficult if it will be helped again.
Simply work, whatever the results it should be in gratitude to enjoy life more simply.

If being use wisely yes, it will help to generate an income source starting capital but if not, taking loans can be added to your burden and without enough resources you will continue to add more and it will just repeat itself, better to think about it before making any decision in terms of doing this kind of setup, loan for a good purpose is understandable but if being used to other things that not help or only for physical luxury then it will turn to a liability.

Learn to avoid taking loans in the first place. While it may be useful at some point, but it has more negative impacts in your life if you fail on its trap. And worst, if you suddenly lost your source of income, you will face a lot of troubles just to repay your debt with its high monthly interest.

Loans are very inflexible. It’s like you are paying the price from the loans you personally create. And if you fail to pay for it, you will have an increased debt load which I think will eventually make your whole life turns into a mess.

Is that even a thing or some term you just came up with “eternal debt”

The loan business has become a very big business in recent times and it’s not easy for one yo go a day without having some of these loan apps having to flash there loan offers through ads on your screen.

What’s most daring is the ease at which one can acquire this loans. As little as just your cellphone number for some and you’re good. This is creating more and more problems for most individuals as you would find them taking more loans than need be even, when they don’t want it and don’t have the capacity to pay.

It’s a problem that needs resolution. Loan companies needs to slow it dow, get proper criteria for giving loans and not harass innocent and good minded citizens around the globe.

If you dont like burden then skip and avoid loans and this is actually give some headache afterwards but if you are really that in need or having that plans on expansion specially on your business but you do fell short on funding then having that kind of business loan on which i could say that its a type of loan on which i could say to be that considerable. As long it would be giving out that positive results like revenue or income then i could say that getting a loan is really worth it but on the time that you are just taking a loan on buying up something or some liabilities then it wont really be that something that wise on doing so.
Having those bad impacts would really come next in line since you would really be paying up some interest with those loans aside from the principal amount. Be wise always on taking up some
actions specially if its really that connected in terms of money.

   

So far, I only had to take out two loans in my life and I am still paying one back today. The whole experience of applying for a loan and paying interest on it for such a long time is not pleasant for me and I hope too never do it again. I got the loans from my local bank so I have no experience with taking out loans online, but I would expect it to go more quickly and easily. That could be a problem, if you get access to a loan too easy the chances of getting used to it is high and it might be difficult to stop again. The issue with loans is that some people take them out for unnecessary things and spend the money quickly. Getting used to living above your means is a dangerous situation, that is why borrowed money shouldn't be used for normal consumption each month. It's easy to get used to spending more money than we actually have and once our new habit of a more expensive lifestyle is formed, it will be hard to get rid of it again. The mother of a good friend of mine is using her overdraft almost every month, she buys new clothes every month and spend so much in bank and interest fees over the years. We tried many times to convince her to stop, but it’s an addiction by now. Don’t rely on other peoples money, better to first save and then buy the things we really need and want

A lot of people make the mistake of not thinking about the long-term consequences of constantly taking loans and piling up interest, all they think about is the current situations where they must be stuck in something and urgently need some money to get out of it, some even take loans for their gambling thinking they will win a significantly high amount with the borrowed money and then repay the loan with it ignoring the fact that they can also lose the money.

I have a relative who does the same thing every time, he takes loans from loan-providing services online and gambles with it, loses the money and when the time reaches for repayment, he takes another higher loan from another source and repays the current loan and gambles with the remaining money, and now, he is stuck because he has stuck because the interests from the last loan are piling up and he has no way to repay it.

Except for those who are lazy and want to get rich quickly by borrowing money to gamble, the rest do not want to borrow money because everyone knows it is a burden they have to pay. But sometimes, life doesn't turn out the way we expect, and borrowing money can sometimes be helpful in some cases. As long as you have a goal and a plan before taking out a loan, getting a loan will be a good thing as it can help you deal with more pressing issues. Some people even consider borrowing money as a motivation to help them not forget to work hard because they always know that there is still a debt waiting for them, they don't have time to play around.

There are good debts and there are bad debts. Issues where your mental health is affected because of loan an individual collected and is unable to pay back may be classified into the bad debts. A loan taken to buy liabilities will surely result in bad debt. It is crucial to count the cost when taking a loan online or offline. The loan taker should consider the time frame for repayment, the interest rate, their plan on repayment, and alternative to taking a loan.

Never heard of a thing called addicted to loans!
Regardless of loan addiction being in existence if someone is getting loans regularly then it simply means they are paying them off and lender trusts the recipient to do the same for any new loans.

It only gets bad if paying them off becomes a problem because you have lost or lack the discipline to do so!

Unfortunate circumstance for the fellow, but issues of such confrontation usually borders around bad communication such that even the lender fails to get through to such a person and when the two meet its always drama and fireworks 🎆

The habit of being in debt is a bad habit and it seems that you have felt that way in the past, so you can more easily give advice on this matter after feeling it in the past. I also quite agree with what you are saying because taking on debt without sudden necessity or taking on debt that is not used for things like business is clearly not a good thing to do, especially if it can become a habit for someone in his life, of course he will always experience difficulties. and can be shunned by the people around him because of these habits.

Anxiety and burden in paying debts will only be felt by those who are unable to pay or do not intend to pay at all after being in debt. But for those who intend to pay and have the ability to pay I don't think there will ever be too much anxiety or burden for it. Because some people who make debts are to make sure their business continues to run perfectly by not forgetting their way to repay them to the people who have given them money.

I do use pay later services on ecom sites (like Amazon and other local one), but I just use them to increase my credit score, and pay the due soon after product's delivery, refunds are faster when you use these so that's one of reason to use them.

That aside, I have also felt the temptation to use these services to buy items out of budget, however so far have succeeded in resisting the temptation. These services can be either boon or curse depends on how you use them.

Good advice, being wise and being practical will avoid you to have a problem in the future, loans should be treated as additional resources to expand your business, if there's no emergency better to keep yourself away aside from taking it for business affiliated reasons, else if you are just going to use it for doing something that temporary give you comfort the after-effect of your loans will affect you hard in your financial capabilities.

Loans should have 2 different options. You should use them for consuming (ONLY necessary goods) OR you should be using it to benefit from opportunities given on stocks market, gold market or real estate. If someone is using loans to go holiday etc that's really terrible. Also only banks should be used to take loans. There are loan sharks out that would damage your life permanently if you ever appoint. I know life can be hard to deal with economically but we should all work harder and learn more.

It all depends on the purpose of the loan that we are doing, if the purpose of the loan is to be productive, of course it will be detrimental, but not if the purpose of the loan is for positive things, such as developing a business or starting a business that is believed to provide benefits.
But of course what's burdensome is if there are high interest rates, but I don't think it will have a big effect if we can use the loan for a positive purpose.
And if the purpose of the loan is for things that are not important and you have to pay and the interest, of course it will have a very bad effect on the economy of our life, that is very detrimental.

Adverse effects that occur to the borrower if the loan is not used in a profitable place, the consequences of the loan need to be considered before applying for a loan from moneylenders or banks that use an interest system. Urgent needs require someone to take out a loan when there are no other resources that can be monetized, many of the negative impacts of loans being used in inappropriate places.
Developing a business is one of the best ways to avoid the ongoing risks of interest-based loans. The profits from the business can be paid in installments to repay the loan in stages.